Persistent Energy Raises $10M To Grow Africa’s Renewable Energy Sector
Africa-focused investment firm, Persistent Energy, has raised $10 million in its Series C funding to help support the renewable energy sector in Africa. The funding round, led by Kyuden International Corporation and FSD Africa Investments, also saw private investors Kotaro Tamura, BK Ventures BV, and DPI Energy Ventures participate.
Persistent Energy, founded over a decade ago, is a pioneer investor in Africa’s renewable sector. The investment firm works to support and build businesses that can “scale sustainably.” They provide financial capital for startups and allow their team members to work in operational roles, hand in hand with the management teams of their portfolio companies.
The company has made 22 early-stage investments and works with 20 companies across sub-Saharan Africa. They have contributed to improving over 4 million lives, powered half a million households, and created 10,000 jobs.
“Many more companies need to be started and built to reach the UN Sustainable Development Goals (SDGs) within the next ten years,” said Tobias Ruckstuhl, CFO of Persistent Energy.
“By leveraging these powerful partnerships, we will be able to accelerate our most pioneering venture building investments, driving the transition to clean energy, promoting e-mobility, and finding innovative business models and technological developments across the continent.”
The new funding will primarily go towards strengthening the investment firm’s team and accelerating its growth in sub-Saharan Africa to promote further the adoption of clean energy options and technologies in the continent.